In February, Nordzucker concluded an agreement with Mackay Sugar Limited to acquire 70% of the company's share capital. Certain circumstances, however, delayed the closing of the transaction. At an Extraordinary General Meeting on 29th July, the shareholders, finally, approved the transaction with a clear majority.
Nordzucker CEO, Dr. Lars Gorissen states: "I am delighted that we have successfully completed the transaction. The negotiations with MSL and the talks with the owners were very constructive and trustful. I am confident that together we can lead the company into a successful future and that MSL will make a positive contribution to the Nordzucker Group's earnings in the medium term".
Entry into sugar cane to improve competitiveness
Nordzucker intends to invest in the three plants Marian, Farleigh and Racecourse, which are located in the immediate vicinity of Mackay. Nordzucker's goal is to improve sugar production in the factories, which have an annual production capacity of approx. 700,000 metric tonnes.
Gorissen explains that, "thanks to the cost structures, cane sugar production is profitable even at lower sugar prices and the infrastructure in the Mackay region is optimal. In addition to the stable Australian sugar market, MSL gives us access to the world's largest growth market in Southeast Asia". In conclusion, he highlights that, "Nordzucker is clearly focusing on sugar - from beet and cane."
Press release Nordzucker AG